I have a query:
1) My client has sold a plot for Rs.40 Lakhs in June,2010.He had invested the total considetation in Capital gain account scheme and claimed Exempltion u/s 54F. But he has failed to purchase another HP in 3 years and time limit of 3 years was completed in June,2013.
I Want to know whether CG tax on 40 Lakhs is to be paid immediately or before the filling of return for F Y 2013-14.Is there any interest/penalty for it.
2) He had tried to buy another HP in this 3 years and given advance for the same.Lateron the agreement was cancelled due to some reasons.In this case, can he able to get any exemption if he shows the proof of agreement and advance given.
3)He has another plan to buy HP till the completion of this Financial Year.If he buys it, is there any possibility to get exemption.
Kindly suggest me in this regard.